Case against Abraaj founder adjourned as deal talks move forward | Financial Times

Case against Abraaj founder adjourned as deal talks move forward | Financial Times:

A Sharjah court judge on Thursday adjourned the case against Abraaj founder Arif Naqvi for issuing a $48.2m cheque with insufficient funds as talks to settle the debt move ahead.

Adjournment until July 11 comes after late night negotiations between representatives for Mr Naqvi and Hamid Jafar, the founder of Crescent Group, who loaned Abraaj $300m last December. The criminal case, which had its first hearing on June 28, relates to one of several cheques signed by Mr Naqvi and a co-defendant and written to Mr Jafar, which were dishonoured when presented.

An adviser to Mr Naqvi said the outline of a settlement agreement had been reached between Mr Naqvi and Mr Jafar late on Wednesday.